Neptune Orient Lines, the publicly-listed Singaporean
shipping group, said that it will submit a proposal to remove restrictions on the
nationality of stockholders during an extraordinary general meeting on Nov. 10.
NOL is proposing to its shareholders to approve certain amendments to
its articles of association to end the current 49-percent limit on ordinary shares that
can be held by non-Singaporean shareholders.
Flemming Jacobs, group president and chief executive officer, said that
the removal of the foreign shareholding limit would enable NOL to expand its investor
base, as more non-Singaporean institutions would be able to invest in the company.
Non-Singaporean shareholders currently own 48 percent of NOL.
NOL, the parent company of APL, also has a 50-percent limit on non-Singaporean directors
on its board.
NOL SEEKS REMOVAL OF STOCKHOLDERS NATIONALITY LIMITS
NOL SEEKS REMOVAL OF STOCKHOLDERS NATIONALITY LIMITS
